Systems and methods for providing dynamic price axes

ABSTRACT

The invention relates to systems and methods that provide a user interface for use with an electronic trading system. The interface displays a bid price axis and an ask price axis, as well as corresponding sizes, and an indication of the inside market. When the inside market changes in response to changing market conditions, the indication of the inside market changes locations before being restored to its original location by shifting the bid and ask prices in a direction parallel to the bid or ask price axis. The user may enter trade commands at different price levels using an input device. In order to help prevent such trade commands from being entered at erroneous price levels, the system locks a pointer associated with the input device to a price the user points to during the shifting process, unless the pointer is moved away from that price.

The present application is continuation-in-part of InternationalApplication No. PCT/US05/27320, filed Jul. 29, 2005; which claims thebenefit of U.S. provisional application No. 60/592,415, filed Jul. 29,2004; and U.S. provisional application No. 60/629,696, filed Nov. 19,2004; and U.S. provisional application No. 60/653,056, filed Feb. 14,2005; and U.S. provisional application No. 60/654,350, filed Feb. 18,2005; and U.S. provisional application No. 60/678,383, filed May 5,2005.

Each of the above-referenced applications are incorporated by referenceherein as part of the present disclosure for purposes of writtendescriptions and enablements only.

FIELD OF THE INVENTION

This invention relates to electronic trading systems. More particularly,this invention relates to user interfaces and methods of use of userinterfaces with electronic trading systems.

BACKGROUND OF THE INVENTION

Much trading today involves some computer support, from simpleinformation delivery to sophisticated trading systems that automatetransactions of goods and services. Electronic trading systems andmethods have gained widespread acceptance for trading of a wide varietyof items ranging from financial instruments (such as stocks, bonds,currency, futures, options, etc.) to household goods (such as oldrecords, antiques, wines, etc.).

As electronic trading becomes more popular, an increasing number oftraders are in need of new systems and methods to enter trade commandsin a quick, efficient and accurate manner. In one method of electronictrading, bids and asks are submitted by traders to a trading system.Those bids and asks are then displayed by the trading system to othertraders, and the other traders may then respond to the bids and asks bysubmitting sell (or hit) or buy (or lift) commands to the system.

Some implementations of such systems and methods of electronic tradingshow a bid column, an ask column and a single price axis. Bid and askquantities are associated with their respective prices which aredisplayed in standard increments. While straightforward, this approachfails to unambiguously convey the inside market to a user, especiallywhen a trading interface displays static price axes. This is because theuser's attention is drawn to changes in quantity rather than changes inprice. Moreover, this approach fails to show trade activity that wasoccurring in real-time.

Furthermore, market conditions change quickly as trades are executed ata fast pace. Price positions may therefore change rapidly and sometimesalmost instantaneously. Users of such systems therefore face the risk ofentering trade commands at erroneous price levels by, for example, usinga mouse pointer to select a price that may have changed by the time thecommand is registered by the system. Such erroneous entries can lead tohighly undesirable results in a rapidly changing market. Many such usersare traders that track more than one active market by typically lookingat multiple windows, interfaces or screens simultaneously, therebyincreasing the likelihood that such erroneous entries occur.

Therefore, it would be desirable to provide systems and methods thatclearly represent price fluctuations while ensuring quick, accurate andefficient execution of trades.

It would also be desirable to provide a user interface for electronictrading that is intuitive whereby the inside market is represented tothe user by a dynamic display of the bid/ask prices and their associatedquantities.

It would also be desirable to smoothly adjust the display of the bid/askprices and their associated quantities while maintaining accurate andaccessible axes for order entry at desired price levels.

It would also be desirable to enable users to manipulate the userinterface using any suitable input device.

SUMMARY OF THE INVENTION

Therefore, it is an object of the invention to provide systems andmethods that clearly represent price fluctuations while ensuring quick,accurate and efficient execution of trades.

It is another object of the invention to provide a user interface forelectronic trading that is intuitive whereby the inside market isrepresented to the user by a dynamic display of the bid/ask prices andtheir associated quantities.

It is yet another object of the invention to smoothly adjust the displayof the bid/ask prices and their associated quantities while maintainingaccurate and accessible axes for order entry at desired price levels.

It is yet another object of the invention to enable users to manipulatethe user interface using any suitable input device.

These and other objects are accomplished in accordance with theprinciples of the invention by providing systems and methods fordisplaying market information for, and allowing for electronic tradingin, items through a user interface. More specifically, some embodimentsof the invention provide an interface for use with an electronic tradingsystem that displays bid prices and ask prices, preferably alongdifferent axes that may or may not be parallel to one another.Alternatively, the bid and ask prices may be displayed along a singleaxis. Each bid or ask price level may be displayed in a particular cellalong one such axis. The cells may be consecutively ordered according tothe price levels displayed therein. The interface may display at leastone additional axis that is parallel to one of the price axes fordisplaying size information alongside each corresponding price. In someembodiments of the invention, the interface may provide a bid size axisand an ask size axis. The interface may also provide an indication ofthe inside market—i.e., the best (highest) bid and best (lowest) askprices for which size exists—which may be centered within the interface.Preferably, each price axis includes vertically aligned cells, eachdisplaying a distinct price level, wherein the inside market isdisplayed relatively midway between the lowest bid price and the highestask price. In order to facilitate viewing the inside market, the celldisplaying the best bid price for which size exists is preferablydisplayed alongside or adjacent to the cell displaying the best askprice for which size exists. Accordingly, the inside market may bedisplayed along an axis that is parallel to the price axes. Preferably,the price and size axes are vertical axes whereas the axis along whichthe inside market is displayed is a horizontal axis. Alternatively, theprice and size axes may be curved parallel or intersecting lines. Forexample, each axis may be in the shape of a substantially circular arcsuch that the trading interface represents at least a portion of, or afull, a circle or an ellipse. In alternative embodiments of the presentinvention, the inside market is not displayed along a single axis.

When the inside market changes in response to changing marketconditions, its indication changes locations from a first location,preferably centered within the interface to a second location along theprice axes. Preferably, when the inside market changes in response tochanging market conditions, a first cell that was populated with theprevious best price in one of the price axes (a first axis) remainspopulated with that price whereas a second cell that was unpopulated inthe first axis is populated with the new best bid or ask price. Cellsalong the first axis that are located between the first and second cellsmay also be populated with prices that lie between the previous and newbest prices. The first and second cells may be separated by any number Nof cells that are populated with prices lying between the previous andnew best prices in the first axis. A third cell in the other price axis(a second axis) that is adjacent to the first cell and that displayedthe other best price is depopulated as well as N cells along the secondaxis that are adjacent to the cells that were recently populated in thefirst axis. The second cell in the first axis and a fourth cell adjacentto it in the second axis may display the new best prices, therebyindicating the new inside market, which will have been displaced fromthe center of the interface by N+1 cells along a direction that isparallel to the price axes.

After the inside market changes and the indication of the new insidemarket is displayed in a location other than the center of theinterface, the indication of the inside market may be restored to thecenter of the interface. This is accomplished by shifting the bid andask prices in a direction parallel to the price axes in which they aredisplayed. More specifically, the shifting may be made on a cell by cellbasis whereby all cells transition substantially simultaneously. Suchshifting may therefore take place one row at a time whereby all rowstransition substantially simultaneously. With each such transition, thenumber of populated cells in the first price axis may decrease whereasthe number of populated cells in the other price axis may increase. Inother embodiments of the present invention, the shifting may be madewhereby the bid and ask prices transition substantially simultaneouslyfrom one cell to another. In yet other embodiments of the presentinvention, the shifting may occur at a rate that is greater than one rowat a time. For example, the transitions may occur at a rate of two ormore rows at a time. In alternative embodiments of the presentinvention, the shifting may be substantially continuous—e.g., pixel bypixel—such that it is displayed in a manner that is relatively seamless.

The speed at which the shifting occurs may be increased or decreased tothe point of pausing or temporarily stopping the shifting process. Suchspeed may be defined by a user or may depend on user or market activity.During the shifting process, an appropriate method—e.g., highlighting,bolding, or any other suitable method—may be used to identify the insidemarket. If the inside market changes during the shifting process, theindication of the inside market may change substantiallyimmediately—i.e., without transitioning through any intermediate rows—orat a predetermined rate to the price levels associated with the newinside market. The position of the inside market may be automaticallyrecentered at any time or for any appropriate reason, such as through auser-entered command.

Moreover, when the inside market changes in response to changing marketconditions, at least one of the prices may change locations between thebid price axis and the ask price axis. The sizes of orders that weresubmitted before they are accepted (or rejected), the sizes of completedtrades and/or the user's share of the total size may also be displayed.

The user may use an input device to enter bid, ask, buy and sell ordersand modify them before submission. Order entry regions may be displayedto the user to facilitate order submission. In some embodiments of thepresent invention, when a user moves a pointer to a cell that includesor is adjacent to a particular price, the system may lock the pointer tothat price. That is, when the indication of the inside market shifts,the pointer may be repositioned such that it is pointing to the cellthat includes or is adjacent to the same price, unless the user movesthe pointer away from that cell.

BRIEF DESCRIPTION OF THE DRAWINGS

The above and other objects and advantages of the invention will beapparent upon consideration of the following detailed description, takenin conjunction with the accompanying drawings, in which like referencecharacters refer to like parts throughout, and in which:

FIG. 1 is a block diagram of an exemplary system that may be used toimplement the processes and functions of certain embodiments of thepresent invention;

FIGS. 2A-2E are illustrations of exemplary interactive displays that maybe displayed to users in accordance with certain embodiments of thepresent invention;

FIGS. 3A-3B are illustrations of alternative embodiments of exemplaryinteractive displays that may be displayed to users in accordance withcertain embodiments of the present invention;

FIG. 4 is an illustration of an alternative embodiment of exemplaryinteractive displays that may be displayed to users in accordance withcertain embodiments of the present invention; and

FIG. 5 is an illustration of another alternative embodiment of exemplaryinteractive displays that may be displayed to users in accordance withcertain embodiments of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

The following sections I-X provide a guide to interpreting the presentapplication.

I. Terms

The term “product” means any machine, manufacture and/or composition ofmatter, unless expressly specified otherwise.

The term “process” means any process, algorithm, method or the like,unless expressly specified otherwise.

Each process (whether called a method, algorithm or otherwise)inherently includes one or more steps, and therefore all references to a“step” or “steps” of a process have an inherent antecedent basis in themere recitation of the term ‘process’ or a like term. Accordingly, anyreference in a claim to a ‘step’ or ‘steps’ of a process has sufficientantecedent basis.

The term “invention” and the like mean “the one or more inventionsdisclosed in this application”, unless expressly specified otherwise.

The terms “an embodiment”, “embodiment”, “embodiments”, “theembodiment”, “the embodiments”, “one or more embodiments”, “someembodiments”, “certain embodiments”, “one embodiment”, “anotherembodiment” and the like mean “one or more (but not all) embodiments ofthe disclosed invention(s)”, unless expressly specified otherwise.

The term “variation” of an invention means an embodiment of theinvention, unless expressly specified otherwise.

A reference to “another embodiment” in describing an embodiment does notimply that the referenced embodiment is mutually exclusive with anotherembodiment (e.g., an embodiment described before the referencedembodiment), unless expressly specified otherwise.

The terms “including”, “comprising” and variations thereof mean“including but not limited to”, unless expressly specified otherwise.

The terms “a”, “an” and “the” mean “one or more”, unless expresslyspecified otherwise.

The term “plurality” means “two or more”, unless expressly specifiedotherwise.

The term “herein” means “in the present application, including anythingwhich may be incorporated by reference”, unless expressly specifiedotherwise.

The phrase “at least one of”, when such phrase modifies a plurality ofthings (such as an enumerated list of things) means any combination ofone or more of those things, unless expressly specified otherwise. Forexample, the phrase “at least one of a widget, a car and a wheel” meanseither (i) a widget, (ii) a car, (iii) a wheel, (iv) a widget and a car,(v) a widget and a wheel, (vi) a car and a wheel, or (vii) a widget, acar and a wheel. The phrase “at least one of”, when such phrase modifiesa plurality of things does not mean “one of each of” the plurality ofthings.

Numerical terms such as “one”, “two”, etc. when used as cardinal numbersto indicate quantity of something (e.g., one widget, two widgets), meanthe quantity indicated by that numerical term, but do not mean at leastthe quantity indicated by that numerical term. For example, the phrase“one widget” does not mean “at least one widget”, and therefore thephrase “one widget” does not cover, e.g., two widgets.

The phrase “based on” does not mean “based only on”, unless expresslyspecified otherwise. In other words, the phrase “based on” describesboth “based only on” and “based at least on”. The phrase “based at leaston” is equivalent to the phrase “based at least in part on”.

The term “represent” and like terms are not exclusive, unless expresslyspecified otherwise. For example, the term “represents” do not mean“represents only”, unless expressly specified otherwise. In other words,the phrase “the data represents a credit card number” describes both“the data represents only a credit card number” and “the data representsa credit card number and the data also represents something else”.

The term “whereby” is used herein only to precede a clause or other setof words that express only the intended result, objective or consequenceof something that is previously and explicitly recited. Thus, when theterm “whereby” is used in a claim, the clause or other words that theterm “whereby” modifies do not establish specific further limitations ofthe claim or otherwise restricts the meaning or scope of the claim.

The term “e.g.” and like terms mean “for example”, and thus does notlimit the term or phrase it explains. For example, in the sentence “thecomputer sends data (e.g., instructions, a data structure) over theInternet”, the term “e.g.” explains that “instructions” are an exampleof “data” that the computer may send over the Internet, and alsoexplains that “a data structure” is an example of “data” that thecomputer may send over the Internet. However, both “instructions” and “adata structure” are merely examples of “data”, and other things besides“instructions” and “a data structure” can be “data”.

The term “respective” and like terms mean “taken individually”. Thus iftwo or more things have “respective” characteristics, then each suchthing has its own characteristic, and these characteristics can bedifferent from each other but need not be. For example, the phrase “eachof two machines has a respective function” means that the first suchmachine has a function and the second such machine has a function aswell. The function of the first machine may or may not be the same asthe function of the second machine.

The term “i.e.” and like terms mean “that is”, and thus limits the termor phrase it explains. For example, in the sentence “the computer sendsdata (i.e., instructions) over the Internet”, the term “i.e.” explainsthat “instructions” are the “data” that the computer sends over theInternet.

Any given numerical range shall include whole and fractions of numberswithin the range. For example, the range “1 to 10” shall be interpretedto specifically include whole numbers between 1 and 10 (e.g., 1, 2, 3,4, 9) and non-whole numbers (e.g., 1.1, 1.2, . . . 1.9).

Where two or more terms or phrases are synonymous (e.g., because of anexplicit statement that the terms or phrases are synonymous), instancesof one such term/phrase does not mean instances of another suchterm/phrase must have a different meaning. For example, where astatement renders the meaning of “including” to be synonymous with“including but not limited to”, the mere usage of the phrase “includingbut not limited to” does not mean that the term “including” meanssomething other than “including but not limited to”.

II. Determining

The term “determining” and grammatical variants thereof (e.g., todetermine a price, determining a value, determine an object which meetsa certain criterion) is used in an extremely broad sense. The term“determining” encompasses a wide variety of actions and therefore“determining” can include calculating, computing, processing, deriving,investigating, looking up (e.g., looking up in a table, a database oranother data structure), ascertaining and the like. Also, “determining”can include receiving (e.g., receiving information), accessing (e.g.,accessing data in a memory) and the like. Also, “determining” caninclude resolving, selecting, choosing, establishing, and the like.

The term “determining” does not imply certainty or absolute precision,and therefore “determining” can include estimating, extrapolating,predicting, guessing and the like.

The term “determining” does not imply that mathematical processing mustbe performed, and does not imply that numerical methods must be used,and does not imply that an algorithm or process is used.

The term “determining” does not imply that any particular device must beused. For example, a computer need not necessarily perform thedetermining.

III. Forms of Sentences

Where a limitation of a first claim would cover one of a feature as wellas more than one of a feature (e.g., a limitation such as “at least onewidget” covers one widget as well as more than one widget), and where ina second claim that depends on the first claim, the second claim uses adefinite article “the” to refer to the limitation (e.g., “the widget”),this does not imply that the first claim covers only one of the feature,and this does not imply that the second claim covers only one of thefeature (e.g., “the widget” can cover both one widget and more than onewidget).

When an ordinal number (such as “first”, “second”, “third” and so on) isused as an adjective before a term, that ordinal number is used (unlessexpressly specified otherwise) merely to indicate a particular feature,such as to distinguish that particular feature from another feature thatis described by the same term or by a similar term. For example, a“first widget” may be so named merely to distinguish it from, e.g., a“second widget”. Thus, the mere usage of the ordinal numbers “first” and“second” before the term “widget” does not indicate any otherrelationship between the two widgets, and likewise does not indicate anyother characteristics of either or both widgets. For example, the mereusage of the ordinal numbers “first” and “second” before the term“widget” (1) does not indicate that either widget comes before or afterany other in order or location; (2) does not indicate that either widgetoccurs or acts before or after any other in time; and (3) does notindicate that either widget ranks above or below any other, as inimportance or quality. In addition, the mere usage of ordinal numbersdoes not define a numerical limit to the features identified with theordinal numbers. For example, the mere usage of the ordinal numbers“first” and “second” before the term “widget” does not indicate thatthere must be no more than two widgets.

When a single device, article or other product is described herein, morethan one device/article (whether or not they cooperate) mayalternatively be used in place of the single device/article that isdescribed. Accordingly, the functionality that is described as beingpossessed by a device may alternatively be possessed by more than onedevice/article (whether or not they cooperate).

Similarly, where more than one device, article or other product isdescribed herein (whether or not they cooperate), a singledevice/article may alternatively be used in place of the more than onedevice or article that is described. For example, a plurality ofcomputer-based devices may be substituted with a single computer-baseddevice. Accordingly, the various functionality that is described asbeing possessed by more than one device or article may alternatively bepossessed by a single device/article.

The functionality and/or the features of a single device that isdescribed may be alternatively embodied by one or more other deviceswhich are described but are not explicitly described as having suchfunctionality/features. Thus, other embodiments need not include thedescribed device itself, but rather can include the one or more otherdevices which would, in those other embodiments, have suchfunctionality/features.

IV. Disclosed Examples and Terminology Are Not Limiting

Neither the Title (set forth at the beginning of the first page of thepresent application) nor the Abstract (set forth at the end of thepresent application) is to be taken as limiting in any way as the scopeof the disclosed invention(s). An Abstract has been included in thisapplication merely because an Abstract of not more than 150 words isrequired under 37 C.F.R. § 1.72(b).

The title of the present application and headings of sections providedin the present application are for convenience only, and are not to betaken as limiting the disclosure in any way.

Numerous embodiments are described in the present application, and arepresented for illustrative purposes only. The described embodiments arenot, and are not intended to be, limiting in any sense. The presentlydisclosed invention(s) are widely applicable to numerous embodiments, asis readily apparent from the disclosure. One of ordinary skill in theart will recognize that the disclosed invention(s) may be practiced withvarious modifications and alterations, such as structural, logical,software, and electrical modifications. Although particular features ofthe disclosed invention(s) may be described with reference to one ormore particular embodiments and/or drawings, it should be understoodthat such features are not limited to usage in the one or moreparticular embodiments or drawings with reference to which they aredescribed, unless expressly specified otherwise.

No embodiment of method steps or product elements described in thepresent application constitutes the invention claimed herein, or isessential to the invention claimed herein, or is coextensive with theinvention claimed herein, except where it is either expressly stated tobe so in this specification or expressly recited in a claim.

All words in every claim have the broadest scope of meaning they wouldhave been given by a person of ordinary skill in the art as of thepriority date. No term used in any claim is specially defined or limitedby this application except where expressly so stated either in thisspecification or in a claim.

The preambles of the claims that follow recite purposes, benefits andpossible uses of the claimed invention only and do not limit the claimedinvention.

The present disclosure is not a literal description of all embodimentsof the invention(s). Also, the present disclosure is not a listing offeatures of the invention(s) which must be present in all embodiments.

Devices that are described as in communication with each other need notbe in continuous communication with each other, unless expresslyspecified otherwise. On the contrary, such devices need only transmit toeach other as necessary or desirable, and may actually refrain fromexchanging data most of the time. For example, a machine incommunication with another machine via the Internet may not transmitdata to the other machine for long period of time (e.g. weeks at atime). In addition, devices that are in communication with each othermay communicate directly or indirectly through one or moreintermediaries.

A description of an embodiment with several components or features doesnot imply that all or even any of such components/features are required.On the contrary, a variety of optional components are described toillustrate the wide variety of possible embodiments of the presentinvention(s). Unless otherwise specified explicitly, nocomponent/feature is essential or required.

Although process steps, algorithms or the like may be described orclaimed in a particular sequential order, such processes may beconfigured to work in different orders. In other words, any sequence ororder of steps that may be explicitly described or claimed does notnecessarily indicate a requirement that the steps be performed in thatorder. The steps of processes described herein may be performed in anyorder possible. Further, some steps may be performed simultaneouslydespite being described or implied as occurring non-simultaneously(e.g., because one step is described after the other step). Moreover,the illustration of a process by its depiction in a drawing does notimply that the illustrated process is exclusive of other variations andmodifications thereto, does not imply that the illustrated process orany of its steps are necessary to the invention(s), and does not implythat the illustrated process is preferred.

Although a process may be described as including a plurality of steps,that does not imply that all or any of the steps are preferred,essential or required. Various other embodiments within the scope of thedescribed invention(s) include other processes that omit some or all ofthe described steps. Unless otherwise specified explicitly, no step isessential or required.

Although a process may be described singly or without reference to otherproducts or methods, in an embodiment the process may interact withother products or methods. For example, such interaction may includelinking one business model to another business model. Such interactionmay be provided to enhance the flexibility or desirability of theprocess.

Although a product may be described as including a plurality ofcomponents, aspects, qualities, characteristics and/or features, thatdoes not indicate that any or all of the plurality are preferred,essential or required. Various other embodiments within the scope of thedescribed invention(s) include other products that omit some or all ofthe described plurality.

An enumerated list of items (which may or may not be numbered) does notimply that any or all of the items are mutually exclusive, unlessexpressly specified otherwise. Likewise, an enumerated list of items(which may or may not be numbered) does not imply that any or all of theitems are comprehensive of any category, unless expressly specifiedotherwise. For example, the enumerated list “a computer, a laptop, aPDA” does not imply that any or all of the three items of that list aremutually exclusive and does not imply that any or all of the three itemsof that list are comprehensive of any category.

An enumerated list of items (which may or may not be numbered) does notimply that any or all of the items are equivalent to each other orreadily substituted for each other.

All embodiments are illustrative, and do not imply that the invention orany embodiments were made or performed, as the case may be.

V. Computing

It will be readily apparent to one of ordinary skill in the art that thevarious processes described herein may be implemented by, e.g.,appropriately programmed general purpose computers, special purposecomputers and computing devices. Typically a processor (e.g., one ormore microprocessors, one or more microcontrollers, one or more digitalsignal processors) will receive instructions (e.g., from a memory orlike device), and execute those instructions, thereby performing one ormore processes defined by those instructions. Instructions may beembodied in, e.g., one or more computer programs, one or more scripts.

A “processor” means one or more microprocessors, central processingunits (CPUs), computing devices, microcontrollers, digital signalprocessors, or like devices or any combination thereof, regardless ofthe architecture (e.g., chip-level multiprocessing/multi-core, RISC,CISC, Microprocessor without Interlocked Pipeline Stages, pipeliningconfiguration, simultaneous multithreading).

Thus a description of a process is likewise a description of anapparatus for performing the process. The apparatus that performs theprocess can include, e.g., a processor and those input devices andoutput devices that are appropriate to perform the process.

Further, programs that implement such methods (as well as other types ofdata) may be stored and transmitted using a variety of media (e.g.,computer readable media) in a number of manners. In some embodiments,hard-wired circuitry or custom hardware may be used in place of, or incombination with, some or all of the software instructions that canimplement the processes of various embodiments. Thus, variouscombinations of hardware and software may be used instead of softwareonly.

The term “computer-readable medium” refers to any medium, a plurality ofthe same, or a combination of different media, that participate inproviding data (e.g., instructions, data structures) which may be readby a computer, a processor or a like device. Such a medium may take manyforms, including but not limited to, non-volatile media, volatile media,and transmission media. Non-volatile media include, for example, opticalor magnetic disks and other persistent memory. Volatile media includedynamic random access memory (DRAM), which typically constitutes themain memory. Transmission media include coaxial cables, copper wire andfiber optics, including the wires that comprise a system bus coupled tothe processor. Transmission media may include or convey acoustic waves,light waves and electromagnetic emissions, such as those generatedduring radio frequency (RF) and infrared (IR) data communications.Common forms of computer-readable media include, for example, a floppydisk, a flexible disk, hard disk, magnetic tape, any other magneticmedium, a CD-ROM, DVD, any other optical medium, punch cards, papertape, any other physical medium with patterns of holes, a RAM, a PROM,an EPROM, a FLASH-EEPROM, any other memory chip or cartridge, a carrierwave as described hereinafter, or any other medium from which a computercan read.

Various forms of computer readable media may be involved in carryingdata (e.g. sequences of instructions) to a processor. For example, datamay be (i) delivered from RAM to a processor; (ii) carried over awireless transmission medium; (iii) formatted and/or transmittedaccording to numerous formats, standards or protocols, such as Ethernet(or IEEE 802.3), SAP, ATP, Bluetooth□, and TCP/IP, TDMA, CDMA, and 3G;and/or (iv) encrypted to ensure privacy or prevent fraud in any of avariety of ways well known in the art.

Thus a description of a process is likewise a description of acomputer-readable medium storing a program for performing the process.The computer-readable medium can store (in any appropriate format) thoseprogram elements which are appropriate to perform the method.

Just as the description of various steps in a process does not indicatethat all the described steps are required, embodiments of an apparatusinclude a computer/computing device operable to perform some (but notnecessarily all) of the described process.

Likewise, just as the description of various steps in a process does notindicate that all the described steps are required, embodiments of acomputer-readable medium storing a program or data structure include acomputer-readable medium storing a program that, when executed, cancause a processor to perform some (but not necessarily all) of thedescribed process.

Where databases are described, it will be understood by one of ordinaryskill in the art that (i) alternative database structures to thosedescribed may be readily employed, and (ii) other memory structuresbesides databases may be readily employed. Any illustrations ordescriptions of any sample databases presented herein are illustrativearrangements for stored representations of information. Any number ofother arrangements may be employed besides those suggested by, e.g.,tables illustrated in drawings or elsewhere. Similarly, any illustratedentries of the databases represent exemplary information only; one ofordinary skill in the art will understand that the number and content ofthe entries can be different from those described herein. Further,despite any depiction of the databases as tables, other formats(including relational databases, object-based models and/or distributeddatabases) could be used to store and manipulate the data typesdescribed herein. Likewise, object methods or behaviors of a databasecan be used to implement various processes, such as the describedherein. In addition, the databases may, in a known manner, be storedlocally or remotely from a device which accesses data in such adatabase.

Various embodiments can be configured to work in a network environmentincluding a computer that is in communication (e.g., via acommunications network) with one or more devices. The computer maycommunicate with the devices directly or indirectly, via any wired orwireless medium (e.g. the Internet, LAN, WAN or Ethernet, Token Ring, atelephone line, a cable line, a radio channel, an optical communicationsline, commercial on-line service providers, bulletin board systems, asatellite communications link, a combination of any of the above). Eachof the devices may themselves comprise computers or other computingdevices, such as those based on the Intel® Pentium® or Centrino™processor, that are adapted to communicate with the computer. Any numberand type of devices may be in communication with the computer.

In an embodiment, a server computer or centralized authority may not benecessary or desirable. For example, the present invention may, in anembodiment, be practiced on one or more devices without a centralauthority. In such an embodiment, any functions described herein asperformed by the server computer or data described as stored on theserver computer may instead be performed by or stored on one or moresuch devices.

Where a process is described, in an embodiment the process may operatewithout any user intervention. In another embodiment, the processincludes some human intervention (e.g., a step is performed by or withthe assistance of a human).

VI. Continuing Applications

The present disclosure provides, to one of ordinary skill in the art, anenabling description of several embodiments and/or inventions. Some ofthese embodiments and/or inventions may not be claimed in the presentapplication, but may nevertheless be claimed in one or more continuingapplications that claim the benefit of priority of the presentapplication.

Applicants intend to file additional applications to pursue patents forsubject matter that has been disclosed and enabled but not claimed inthe present application.

VII. 35 U.S.C. § 112 paragrah 6

In a claim, a limitation of the claim which includes the phrase “meansfor” or the phrase “step for” means that 35 U.S.C. § 112, paragraph 6,applies to that limitation.

In a claim, a limitation of the claim which does not include the phrase“means for” or the phrase “step for” means that 35 U.S.C. § 112,paragraph 6 does not apply to that limitation, regardless of whetherthat limitation recites a function without recitation of structure,material or acts for performing that function. For example, in a claim,the mere use of the phrase “step of” or the phrase “steps of” inreferring to one or more steps of the claim or of another claim does notmean that 35 U.S.C. § 112, paragraph 6, applies to that step(s).

With respect to a means or a step for performing a specified function inaccordance with 35 U.S.C. § 112, paragraph 6, the correspondingstructure, material or acts described in the specification, andequivalents thereof, may perform additional functions as well as thespecified function.

Computers, processors, computing devices and like products arestructures that can perform a wide variety of functions. Such productscan be operable to perform a specified function by executing one or moreprograms, such as a program stored in a memory device of that product orin a memory device which that product accesses. Unless expresslyspecified otherwise, such a program need not be based on any particularalgorithm, such as any particular algorithm that might be disclosed inthe present application. It is well known to one of ordinary skill inthe art that a specified function may be implemented via differentalgorithms, and any of a number of different algorithms would be a meredesign choice for carrying out the specified function.

Therefore, with respect to a means or a step for performing a specifiedfunction in accordance with 35 U.S.C. § 112, paragraph 6, structurecorresponding to a specified function includes any product programmed toperform the specified function. Such structure includes programmedproducts which perform the function, regardless of whether such productis programmed with (i) a disclosed algorithm for performing thefunction, (ii) an algorithm that is similar to a disclosed algorithm, or(iii) a different algorithm for performing the function.

Where there is recited a means for performing a function hat is amethod, one structure for performing this method includes a computingdevice (e.g., a general purpose computer) that is programmed and/orconfigured with appropriate hardware to perform that function.

Also includes a computing device (e.g., a general purpose computer) thatis programmed and/or configured with appropriate hardware to performthat function via other algorithms as would be understood by one ofordinary skill in the art.

VIII. Disclaimer

Numerous references to a particular embodiment does not indicate adisclaimer or disavowal of additional, different embodiments, andsimilarly references to the description of embodiments which all includea particular feature does not indicate a disclaimer or disavowal ofembodiments which do not include that particular feature. A cleardisclaimer or disavowal in the present application shall be prefaced bythe phrase “does not include” or by the phrase “cannot perform”.

IX. Incorporation By Reference

Any patent, patent application or other document referred to herein isincorporated by reference into this patent application as part of thepresent disclosure, but only for purposes of written description inaccordance with 35 U.S.C. § 112, paragraph 1 and enablement inaccordance with 35 U.S.C. § 112, paragraph 1, and should in no way beused to limit, define, or otherwise construe any term of the presentapplication where the present application, without such incorporation byreference, would not have failed to provide an ascertainable meaning,but rather would have allowed an ascertainable meaning for such term tobe provided. Thus, the person of ordinary skill in the art need not havebeen in any way limited by any embodiments provided in the reference

Any incorporation by reference does not, in and of itself, imply anyendorsement of, ratification of or acquiescence in any statements,opinions, arguments or characterizations contained in any incorporatedpatent, patent application or other document, unless explicitlyspecified otherwise in this patent application.

X. Prosecution History

In interpreting the present application (which includes the claims), oneof ordinary skill in the art shall refer to the prosecution history ofthe present application, but not to the prosecution history of any otherpatent or patent application, regardless of whether there are otherpatent applications that are considered related to the presentapplication, and regardless of whether there are other patentapplications that share a claim of priority with the presentapplication.

The invention is directed to systems and methods that provide a tradinginterface that displays market information showing greater levels ofmovement and trade activity than prior art systems and methods, and thathave added functionality, are easier to use and more intuitive comparedto prior art systems and methods. The invention is also directed to userinput devices for receiving user input. More particularly, the inventionrelates to customizable interfaces and input devices havingarrangements, labels, colorization, programmed functionalities, and thelike, that allows any user—e.g., a broker, a trader or any other marketparticipant—to view market activity such as bids and asks or offersplaced on particular items, and enter, execute and view tradesintuitively, quickly and accurately. A bid (or buy command) may includea bid price—i.e., a dollar amount proposed to buy an issue or item—and abid size—i.e., the volume of the particular bid. Similarly, an ask oroffer may include an ask or offer price—i.e., a dollar amount proposedto sell an issue or item—and an ask or offer size—i.e., the volume ofthe particular ask or offer.

Further details of the invention are described below in relation toFIGS. 1-5.

Referring to FIG. 1, exemplary system 100 for implementing the inventionis shown. As illustrated, system 100 may include one or moreworkstations 110. Workstations 110 may be local or remote, and areconnected by one or more communications links 102 to computer network103 that is linked via communications link 105 to server 120. Server 120may be linked to back office clearing center 130 via communications link107.

Server 120 may be any suitable server, processor, computer, dataprocessing device, or combination of the same. Server 120 may be used toimplement the governing logic that processes and executes orders andtrades, and distributes trade and market information, including priceand size information, to workstations 110. Computer network 103preferably includes the Internet but may consist of any suitablecomputer network such as an intranet, a wide-area network (WAN), alocal-area network (LAN), a wireless network, a digital subscriber line(DSL) network, a frame relay network, an asynchronous transfer mode(ATM) network, a virtual private network (VPN), or any combination ofthe same. Communications links 102 and 105 may be any communicationslinks suitable for communicating data between workstations 110 andserver 120, such as network links, dial-up links, wireless links,hard-wired links, etc.

Workstations 110 may be personal computers, laptop computers, mainframecomputers, dumb terminals, data displays, Internet browsers, PersonalDigital Assistants (PDAs), two-way pagers, wireless terminals, portabletelephones, etc., or any combination of the same. Workstations 110 maybe used by participants to enter bid, ask, buy and sell orders for theitems being traded and view market activity corresponding to theseitems.

A typical workstation 110 may include processor 111, display 112, inputdevice 113, and memory 114, which may be interconnected. In a preferredembodiment, memory 114 includes a storage device for storing aworkstation program for controlling processor 111. Memory 114 may alsostore user configuration files, as described below, and other data onthe storage device. The workstation program may include a tradingapplication for running the trading interfaces shown in FIGS. 2-5 anddisplayed on display 112. Input device 113 may be used in conjunctionwith display 112 by users to enter bids/asks on desired items and toexecute and monitor trades. Processor 111 may use the workstationprogram to receive trade information relating to the items being tradedby multiple users of system 100, or other users, and display suchinformation on display 112 or communicate such information to display112.

Server 120 may include processor 121, display 122, input device 123, andmemory 124, which may be interconnected. In a preferred embodiment,memory 124 includes a storage device for storing a server program thatprovides the governing logic for controlling processor 121. Processor121 may use the server program to process orders and execute tradescommunicated from various workstations that are operated by multipleusers of system 100, or other users, and communicate trade information,as well as bid and ask information, to workstations 110 and back officeclearing center 130. More specifically, processor 121 may use the serverprogram to process orders placed by users in response to users enteringcommands using input device(s) 113, and execute trades based on suchorders, whenever applicable.

Back office clearing center 130 may be any suitable equipment, such as acomputer, a laptop computer, a mainframe computer, etc., or anycombination of the same, for causing trades to be settled and/orverifying that trades are settled. Communications link 107 may be anycommunications links suitable for communicating data between server 120and back office clearing center 130, such as network links, dial-uplinks, wireless links, hard-wired links, etc.

FIGS. 2-5 illustrate user interfaces that may be implemented by anddisplayed on system 100 of FIG. 1, in accordance with the principles ofthe invention. For example, FIGS. 2-5 illustrate interactive displaysand portions thereof that may be shown on display 112 and manipulatedusing input device 113.

FIGS. 2A-2E show a trading interface according to the invention that maybe associated with electronic trading of financial instruments, such asinterest-rate-related instruments, derivates thereof, or any otherinstruments and/or items. More specifically, FIGS. 2A-2E showinteractive display 200 of a market at different times. Whileinteractive display 200 shows multiple vertical axes or columns, itshould be noted that the scope of the invention includes horizontalaxes, curved axes and any other suitable axes or display regions.Moreover, the multiple axes discussed may be combined in a single axesthat displays at least bid and ask prices. The same axis, oralternatively other axes, may display additional information such assizes associated with these prices.

Interactive display 200 preferably includes a bid size column 210 on afirst axis, an ask size column 220 on a second axis, a bid price column230 on a third axis and an ask price column 240 on a fourth axis. Bidprice column 230 and bid size column 210 represent the bid side ofinterface 200 while ask price column 240 and ask size column 220represent the ask side of interface 200. Each of price columns 230 and240 may include several cells, each of which displaying a particularprice level. The cells may be consecutively ordered according to theprice levels displayed therein. Each cell may or may not have adisplayed border, including horizontal and/or vertical edges. Bid sizecolumn 210 preferably includes cells that display the sizes of bidsavailable at the corresponding prices shown in bid price column 230.Similarly, ask size column 220 preferably includes cells that displaythe sizes of asks available at the corresponding prices shown in askprice column 240. A size corresponding to a particular price may bedisplayed in a cell that is adjacent to the cell displaying that price.A visual indicator may be used to accentuate the difference betweencolumns associated with bids and asks. For example, bid size column 210and/or bid price column 230 may be colored differently than ask sizecolumn 220 and/or ask price column 240.

In alternative embodiments of the present invention, each size cell maydisplay at least two numbers: one denoting the size that was alreadyaccepted by the system, and one denoting the sizes of orders that weresubmitted before they are accepted (or rejected) by the system. Thelatter may represent the size in which the user participates or isinterested. Alternatively, in other embodiments of the invention, the atleast two numbers may be combined and a visual indicator may be used toindicate that the total size displayed includes both sizes mentionedabove.

In some embodiments of the present invention, at least two columns maybe displayed: one associated with the bid prices and another associatedwith the ask prices. The bid column may additionally display bid sizesassociated with the bid prices, whereas the ask column may display sizesthat are associated with the ask prices. In alternative embodiments ofthe present invention, a third column including sizes may be displayedsuch that the size associated with a bid price is displayed adjacent tothat bid price and, similarly, such that the size associated with an askprice is displayed adjacent to that ask price. FIGS. 3A and 3Billustrate such embodiments.

FIGS. 3A and 3B show alternative trading interfaces according to theinvention. More specifically, FIGS. 3A and 3B show interactive displays300A and 300B, respectively, that preferably each include a bid pricecolumn 330 on a first axis and an ask price column 340 on a second axis.Each of these interactive displays may additionally include a sizecolumn that displays sizes corresponding to the prices in the bid andask columns. For example, the cells in size column 315 of FIG. 3A thatare adjacent to and horizontally aligned with—i.e., along the samehorizontal level as—the cells in ask price column 340 display ask sizesthat correspond to these prices, and the sizes displayed therein may bevertically aligned and offset to a particular side of column 315. Thecells that are horizontally aligned with the cells in bid price column330 display bid sizes that correspond to these prices, and the sizesdisplayed therein may be vertically aligned and offset to the oppositeside of column 315. Alternatively, the bid and ask sizes may all bevertically aligned along the size column, as shown in size column 325 ofinteractive display 300B of FIG. 3B.

An indication of the inside market is shown by area 306 in each of FIGS.3A and 3B. Area 306 may include a box that surrounds the cellsdisplaying the inside market, thereby emphasizing the best bid and bestask in each of interactive displays 330A and 300B. Area 306 may behighlighted or its edges colored. While area 306 is indicated by a box,the indication may be provided using a reverse highlighting of theinside market or other suitable visual indicator or method, such asdisplaying the best prices and corresponding sizes in an underlined,italicized and/or bold fashion and/or using a unique or different fontor font size. Alternatively, that no higher bids or lower asks aredisplayed may be a sufficient indication of the inside market instead ofa physical visual indicator.

Preferably, the bid and ask price cells, as well as corresponding sizecells, displaying the inside market are displayed along an axis that isparallel to price columns 330 and 340. Accordingly, the best bid and askprices for which sizes exist may be displayed along the same horizontallevel as the cell displaying the corresponding sizes to facilitateviewing the inside market. Therefore, the inside market may be displayedalong a horizontal axis that is perpendicular to the vertical axes alongwhich prices and sizes are displayed. If the bid price column isdisplayed to the right of the ask price column, then the size that isoffset to the right in the size column may correspond to a bid sizewhereas the size that is offset to the left may correspond to an asksize.

Referring back to FIG. 2A-2E, an indication of the inside market isshown by areas 206A, 206B, 206C, 206D and 206E at different stages thatoccur pursuant to a change in the inside market. For example, each ofareas 206A, 206B, 206C, 206D and 206E may include a box that surroundsthe cells displaying the inside market on interactive display 200,thereby emphasizing the best bid and best ask in interactive display200. Areas 206A, 206B, 206C, 206D and 206E may be highlighted or theiredges colored. While each one of areas 206A, 206B, 206C, 206D and 206Eis indicated by a box, the indication may be provided using a reversehighlighting of the inside market or other suitable visual indicator ormethod, such as displaying the best prices and corresponding sizes in anunderlined, italicized and/or bold fashion and/or using a unique ordifferent font or font size.

Alternatively, the fact that the highest displayed bid price is 14 andthe lowest displayed ask price is 15 is an indication of an insidemarket having best bid-ask prices 14-15. It should be noted that therecould be a difference of more than one increment between the highestdisplayed bid price and the lowest displayed ask price. This may bebecause the best bid price for which size exist is significantly lowerthan the best ask price for which size exists. For example, if all sizesentered at prices 13, 14 and 15 were canceled, the inside market wouldbe 12-16. In such a situation, the best bid of 12 could be displayed onthe same horizontal level as the best ask of 16. Alternatively, the bestbid of 12 could be shown at a different horizontal level than the bestask of 16 whereby the horizontal levels corresponding to prices 13-15are between the best bid and the best offer, yet show no size associatedtherewith.

The bid and ask price cells, as well as corresponding size cells,displaying the inside market may be displayed along an axis that is notparallel to price and size columns 210, 220, 230 and 240. Accordingly,the best bid price for which size exist is preferably displayedalongside or adjacent to the cell displaying the best ask price forwhich size exists to facilitate viewing the inside market. Accordingly,the inside market may be displayed along a horizontal axis that isperpendicular to the vertical axes along which prices and sizes aredisplayed. In alternative embodiments of the present invention, theinside market is not displayed along an axis that is perpendicular tothe price axes. For example, the inside market may be displayed along asingle price axis, as shown in FIG. 4, or not, as shown in FIG. 5.

The inside market may initially include bid size 5, available at bestbid price 14, and ask size 37, available at best ask price 15, as shownin area 206A of FIG. 2A. The inside market in area 206A is preferablydisplayed relatively midway between the lowest bid price and the highestask price shown in interactive display 200. Accordingly, the insidemarket may be initially centered within interactive display 200, asshown in FIG. 2A. As market conditions and the inside market change, thelocation of the inside market may change along the price and sizecolumns before shifting back to the center of interactive display 200along with the rest of the displayed bid and ask prices and sizes.

FIG. 2B shows a change in the inside market shown in interactive display200 as follows. As the inside market changes from best bid-ask prices of14-15 to 17-18 and displayed in area 206B, the cells between areas 207Band 206B that are associated with bid prices and/or sizes may bepopulated while adjacent cells that are associated with ask pricesand/or sizes may be depopulated. Moreover, the cells on the bid side ofarea 207B may remain populated with the same prices displayed on the buyside of area 206A of FIG. 2A, while the cells on the ask side of area207B may be depopulated. The new inside market may include bid size 13,available at best bid price 17, and ask size 56, available at best askprice 18, as shown in area 206B of FIG. 2E. Such a change in the insidemarket may be due to a higher bid being entered and accepted at price 17through system 100 of FIG. 1.

Generally, when the inside market changes in response to changing marketconditions, it changes locations from a first location—e.g., along thecenter of the interface—to a second location along the price columns.Preferably, a first cell that was populated with the previous best pricein the first price column remains populated with that price whereas asecond cell that was unpopulated in the first price column is populatedwith the new best price. Cells along the first price column that arelocated between the first and second cell may also be populated withprices that lie between the previous and new best prices that pertain tothat column. A third cell in the second price column that is adjacent tothe first cell and that displayed the other previous best price isdepopulated as well as other cells along that price column that areadjacent to the cells that were recently populated in the first pricecolumn. The second cell in the first price column and a fourth celladjacent to it in the second price column may display the new best bidand ask prices, thereby indicating the new inside market, which willhave been displaced from the center by at least one row of cells. Theindication of the inside market may or may not initially transition froma first location to a second location one row at a time.

After the inside market changes and the new inside market is displayedin the second location—e.g., other than the center of interactivedisplay 200—the inside market may shift back to the center ofinteractive display 200. Such a shifting process may be in the form of atransition in the location of the prices and sizes pertaining to theinside market. FIGS. 2C-2E show such a shifting process according tosome embodiments of the present invention as follows. After the insidemarket 17-18 is displayed in area 206B as shown in FIG. 2B, the locationof the inside market may transition to area 206C as shown in FIG. 2C,then to area 206D as shown in FIG. 2D, before transitioning back to, andbeing recentered at, area 206E as shown in FIG. 2E, which has a locationthat corresponds to that of area 206A of FIG. 2A.

At each step of the transitioning process, an appropriate method—e.g.,highlighting, bolding, or any other suitable method—may be used toidentify the inside market. Such a transitioning process may occur onerow at a time at a speed that may be suitable for, e.g., a trader usinga system that displays such a trading screen. The speed at which thetransition may occur may be increased or, alternatively, decreased tothe point of pausing or temporarily stopping the transitioning process.Such speed may be defined by a user or may depend on user or marketactivity. For example, as the user places an order during the shiftingprocess, the transitioning process may slow down or temporarily pause(or proceed in a discernibly stepped fashion). This may occur for anyorder placed by the user or any other user during the shifting processor may occur when orders are entered at specific price levels. Theshifting process may be accompanied by a corresponding shift in thelocation of all other prices and sizes in the price and size columnsthrough transitions similar to the ones described above. With each suchtransition, the number of populated cells in the corresponding price andsize columns may decrease. For example, columns 210 and 230 of FIG. 2Bmay include a larger number of populated cells than they previouslyincluded in FIG. 2A. Also, columns 210 and 230 of FIG. 2B may include alarger number of populated cells than they may subsequently include ineach of FIGS. 2C, 2D and 2E. At the conclusion of the shifting process,columns 210 and 230 of FIG. 2E may include the same number of populatedcells that they included in FIG. 2A.

The shifting process may be made in a direction parallel to the priceand size columns. More specifically, each transition may be made on acell by cell basis whereby all cells transition substantiallysimultaneously such that the location of each cell is replaced byanother. Such a shifting process may therefore take place one row at atime whereby all rows transition substantially simultaneously. With eachsuch transition, the number of populated cells in the first price columnmay decrease whereas the number of populated cells in the second pricecolumn may increase. In other embodiments of the present invention, theshifting may be made whereby the bid and ask prices transitionsubstantially simultaneously from one cell to another. In such asituation, the cells shown in FIGS. 2A-2E may remain in the samelocation whereas the prices displayed therein may change locations ortransition from one cell to another. In yet other embodiments of thepresent invention, the shifting process may occur at a rate that isgreater than one row at a time. For example, the transitions may occurat a rate of two or more rows at a time. In alternative embodiments ofthe present invention, the shifting process may be substantiallycontinuous—e.g., pixel by If the inside market changes during theshifting process, the indication of the inside market may be shiftedsubstantially immediately—i.e., without transitioning through anyintermediate rows—or may transition at a predetermined rate to the pricelevels associated with the new inside market.

Alternatively, a user may take a particular action, such as clicking onarea 206A (or 207B or 207C or 207D or 206E) in order to recenter thelocation of the inside market. The position of the inside market may beautomatically recentered at any time or for any appropriate reason.

In yet another alternative embodiment of the recentering functionaccording to the invention, recentering may be implemented according toa ratio. In this embodiment, the position of the inside market is notrecentered to the center of the screen but rather offset from the centerof the screen by some proportion to the change of the inside market. Forexample, the center line of the display, and consequently the display ofthe inside market, preferably shifts up a ¼ of a cell's height or othersuitable amount for every tick that the inside market moves from theoriginal—i.e., at the time the participant's trading session started, orother

Thus, in the examples discussed above, columns 230 and 240 of FIGS.2A-2E, as well as columns 330 and 340 of FIGS. 3A and 3B may be dynamicin that they may change based on changing market conditions. Forexample, both price columns 230 and 240 change based on a change in theinside market. The changes in the price columns may be characterized bya change in the location of a displayed price from one column to theother, or within the same column. The changes may also be characterizedby a decrease in the number of populated cells that are displayed in onecolumn and a corresponding increase in the number of populated cellsthat are displayed in the other column. Moreover, the position on thedisplay may also change based on such changes in market conditions.Thus, it can be seen that, unlike other systems that use a common staticprice axis, some embodiments of the current systems use dual dynamicprice axes.

Typically, in conventional trading systems, users enter their respectivecommands by typing the price and size in particular fields on aninteractive display. Interactive trading according to the invention maybe implemented by using input device 113 of FIG. 1 to enter an order asfollows. Input device 113 of FIG. 1 may be a mouse, a trackball, a gamecontroller, a touch pad, a keyboard, any combination of the same or anysuitable input device(s) that the user may use to enter orders.Preferably, a user may for example enter a buy at price 8 (asillustrated in bid price column 230) by at least moving a pointer tocell 208 and clicking on that cell. Such an order may be entered as anadditional bid at price 8, and the size displayed in the adjacent cellpertaining to bid size column 210 may be adjusted to take into accountthe size entered by the user.

Alternatively, a user may hit the bid—i.e., enter a sell—at price 8 byat least moving the pointer to and clicking on cell 209. Similarly, auser may enter a sell at price 18 (as illustrated in ask price column240) by at least moving the pointer to and clicking on cell 211. Such anorder may be entered as an additional ask at price 18, and the sizedisplayed in the adjacent cell pertaining to ask size column 220 may beadjusted to take into account the size entered by the user. A user maylift the ask—i.e., enter a buy—at price 18 by at least moving thepointer to and clicking on cell 212.

The user may set a default size that he or she may subsequently modifyusing any appropriate method, such that each time the user enters anorder at a selected price, the order is entered for the default sizeunless the user changes it. Alternatively, if a user is utilizing aninput device having at least two buttons—e.g., a left click button and aright click button—the user may use one of the buttons to enter an orderfor a default size or use the other button to enter another size—e.g., adifferent default size—or choose a size, price, order type, or anycombination of the same from a display window, dialog box, popup menu,toolbar, pane, command line or any other suitable trading interface.Moreover, if the user is utilizing an input device having scrollingcapabilities, such as a wheel, the user may increase or decrease thedefault size by desired increments using the wheel. In some embodimentsof the invention, whether the user clicks on a cell in a bid column oran ask column may determine whether the user is bidding, asking, buyingor selling. In alternative embodiments of the invention, a right clickmay be associated with an order to hit (sell) or ask (place an order tosell) whereas a left click may be associated with an order to lift (buy)or bid (place an order to buy), and vice versa.

With respect to other implementations of scrolling, it should be notedthat in systems and methods according to the invention, one canpreferably use a scroll input to scroll up or down on a particulardisplay. Preferably, the scrolling will not interrupt the regularfunctions of the program. Alternatively, the scrolling may momentarilypause the other operations that are being displayed at the time of thescrolling.

In some embodiments of the invention, a single click may actuate a tradeat the displayed price and size. In other embodiments of the invention,a double click may actuate a trade. In the latter embodiments, a singleclick may cause an overlay window, a popup menu, a toolbar or a similaror different display or interface to be displayed. In these situations,following the first click, the pointer may warp to a button displayingthe default selection in order to confirm the trade. In some embodimentsof the invention, the pointer may warp to a button displaying the word“yes” or the like in order to confirm the trade following a first click.In other embodiments of the invention, a first or subsequent step in theorder entry process, such as a first click by the user, may causeanother display showing the price and size selected (or the defaultsize). In yet other embodiments of the invention, a first click maycause another display window to be displayed. The display window maycontain a set of alternative sizes from which the user may choose beforeconfirming the order through a second click.

It should be noted that a single click may serve as an alternative to adouble click whenever possible and appropriate, whereby a downclick mayperform the same function as a first click, and a release or an upclickmay perform the same function as a second click.

The unpopulated cells in the bid price, bid size, ask price and/or asksize columns may alternatively be used to implement and display asuitable order of any type at the corresponding price displayed on thesame row in which the cell is located. Examples of suitable ordersinclude a hit/lift all order, a stop order and/or a market if touchedorder.

In order to help prevent trade commands from being entered at erroneousprice levels, the system may lock a pointer to a price the user pointsto according to some embodiments of the invention. Accordingly, when auser moves a pointer to a cell that includes or is adjacent to aparticular price, the system may lock the pointer to that price. Thatis, when the indication of the inside market shifts, the pointer may berepositioned such that it is pointing to the cell that includes or isadjacent to the same price, unless the user moves the pointer away fromthat cell. Unless the user moves the pointer away from that cell, acommand is entered for the price desired by the user when the userclicks to enter the command. In case the pointer is moved away from thatcell, the pointer ceases to be repositioned to point to the same price.That a particular price is locked may be indicated by displaying avisual indicator, such as lightning bolt 222 of FIGS. 2A-2E and/orhighlighting the appropriate cell. For example, after a transition ofthe position of the inside market to cells 206C, 206D and 206E, thepointer may be repositioned such that it points to cells 213, 214 and215, respectively. The order entry process described above may be usedin connection with, or adapted to, all interfaces shown in FIGS. 3-5.

As described above, the speed at which the shifting occurs may beincreased or decreased to the point of pausing or temporarily stoppingthe shifting process based on user activity. Such speed may vary basedon whether the pointer is used by the user to point or lock to aspecific price level or whether the user moves the pointer away from theinteractive interface. For example, the transitioning process may beslower when the pointer is pointing to a price or cell within theinterface as compared to when the pointer is not located within theboundaries of the interface. Moreover, the closer the pointer is broughtto the inside market, the slower the transitioning process may be.

The present invention may be practiced in embodiments that include anylayout techniques, shapes or forms other than ones described above. Forexample, prices and sizes may be displayed along substantially circulararcs such that the resulting interactive interface represents a fullcircle or ellipse or at least a portion of a circle or ellipse, as shownin FIG. 4. Interactive interface 400 of FIG. 4 may include one or morearcs, such as arc 410, for displaying bid and ask prices, along withcorresponding sizes thereto. Alternatively, semicircular area 420 mayinclude pies, such as portion 433, that are selectively colored, filledor sized to convey corresponding indications of sizes that areassociated with the prices shown in arc 410. In such embodiments, anindication of the inside market may be implemented through radial axis405 which separates the best bid and ask prices for which sizes exist.Arc 410 and/or additional arcs may also display the sizes of orders thatwere submitted before they are accepted (or rejected), the sizes ofcompleted trades and/or the user's share of the total size.

As another example, interactive interface 500 of FIG. 5 may include arcs530 and 540 for displaying bid and ask prices, respectively. Interactiveinterface 500 may also include arcs 510 and 520 for displayingcorresponding bid and ask sizes, respectively. Alternatively,interactive interface may include pies, such as portion 533, forconveying indications of sizes, whereas arcs 510 and 520 may display theuser's share of the total bid and ask sizes, respectively, the sizes oforders that were submitted before they are accepted (or rejected) and/orthe sizes of completed trades. The information displayed in arcs 510 and520 may instead be displayed in a single arc. Alternatively, suchinformation may be included in each of arcs 530 and 540.

An indication of the inside market may be implemented through radialaxis 505 which separates the best bid and ask prices for which sizesexist. Similar to the discussion of FIG. 2, the inside market mayinitially include bid size 5, available at best bid price 14, and asksize 37, available at best ask price 15. As market conditions and theinside market change, the location of the inside market may change alongarcs 530 and 540 before shifting back to its original location alongwith the rest of the displayed bid and ask prices and sizes. Theindication of the inside market may be set to default to any locationincluding one that lies at the center of the interface.

The interactive displays described herein may be used in any kind oftrading application, system or exchange such as auction trading systems,interactive matching systems, automated matching systems, priceimprovement systems, FIFO (First In, First Out) systems, RFQ (Requestfor Quote) systems, etc., and may be applied to the trading of any typesof items. This includes cases where users are or are not grantedexclusive rights to trade, cases where users are or are not providedwith a share of a trade based on their status or market role, the stageduring which they start or join a trade and/or their degree or extent ofparticipation, cases where users are or are not provided with shares ofa trade on a pro-rata basis based on existing agreements or distributionalgorithms, or any combination of the same.

Moreover, the trading application described herein may be any suitable,software, hardware, or both configured to implement the features of theinvention. The trading application may be located at a central location(e.g., a central server such as server 120 of FIG. 1) and instancesthereof may be stored on workstations connected thereto (e.g.,workstations 101 of FIG. 1). In another suitable approach, the tradingapplication may reside among different locations (e.g., a network suchas computer network 103 of FIG. 1).

The trading systems and methods described above, or variation thereof,may be implemented in conjunction with the interactive displaysdiscussed or shown herein, or in conjunction with variations on thosedisplays.

One of ordinary skill in the art should appreciate that the inventionmay be practiced in embodiments other than those described herein. Forexample, it will be understood that the size, shape, arrangement, color,and label of various portions of the interactive displays discussed orshown are examples shown for purposes of illustration only. It will beunderstood that modifications of any or all of the foregoingcharacteristics of these portions are within the scope of the invention.Embodiments discussed or shown herein may be applied to tradinginterfaces that use single static price axis, dual dynamic price axis,or any other suitable display.

It will be understood that the foregoing is only illustrative of theprinciples of the invention, and that various modifications can be madeby those skilled in the art without departing from the scope and spiritof the invention, and the invention is limited only by the claims thatfollow.

1. A method for displaying market information for an item, the methodcomprising: displaying on a user interface a plurality of bid pricesalong a first axis and a plurality of ask prices along a second axis;displaying on the user interface an indication of an inside market in afirst location along the first and second axes; when the inside marketchanges from a first bid price and a first ask price to at least one ofa second bid price and a second ask price, displaying the indication ofthe inside market in a second location along the first and second axes;and shifting the plurality of bid prices along the first axis and theplurality of ask prices along the second axis to restore the indicationof the inside market to the first location.
 2. The method of claim 1wherein the second axis is parallel to the first axis.
 3. The method ofclaim 1 wherein the first and second axis are the same axis.
 4. Themethod of claim 1 wherein the first and second axes are curved axes. 5.The method of claim 1 further comprising, when the inside market changesfrom a first bid price and a first ask price to at least one of a secondbid price and a second ask price, displaying at least one additionalprice along the first or second axis, the at least one additional pricecomprising the second bid or ask price.
 6. The method of claim 1 furthercomprising, when shifting the plurality of bid and ask prices,displaying along the first and second axes one or more bid and askprices that were not previously displayed on the user interface.
 7. Themethod of claim 1 wherein shifting the plurality of bid and ask pricescomprises shifting the plurality of bid and ask prices on a pixel bypixel basis within the user interface.
 8. The method of claim 1 whereindisplaying the plurality of bid and ask prices comprises: displaying theplurality of bid prices in a first plurality of cells that are alignedalong the first axis; and displaying the plurality of ask prices in asecond plurality of cells that are aligned along the second axis.
 9. Themethod of claim 8 wherein shifting the plurality of bid and ask pricescomprises transitioning the plurality of bid and ask prices on a cell bycell basis.
 10. The method of claim 8 wherein shifting the plurality ofbid and ask prices on a cell by cell basis comprises transitioning theplurality of cells substantially simultaneously.
 11. The method of claim8 wherein shifting the plurality of bid and ask prices on a cell by cellbasis comprises transitioning the first and second plurality of pricessubstantially simultaneously from one cell to another.
 12. The method ofclaim 1 wherein shifting the plurality of bid and ask prices occurs at aparticular speed.
 13. The method of claim 12 wherein said speed is setby a user of an electronic trading system that comprises the userinterface.
 14. The method of claim 12 wherein said speed is based onmarket activity.
 15. The method of claim 12 wherein said speed decreaseswhen a user of the user interface enters a command to trade the item.16. The method of claim 1 wherein shifting the plurality of bid and askprices occurs at a slower speed when a pointer associated with an inputdevice is pointing to one of the plurality of bid and ask prices thanwhen the pointer is not pointing to any of the plurality of bid and askprices.
 17. The method of claim 1 wherein, when the inside marketchanges, at least one of the plurality of prices displayed changeslocations between the first and the second axes within the userinterface.
 18. The method of claim 1 further comprising receiving acommand to trade the item from a user.
 19. The method of claim 18wherein the command comprises a selection of at least one of theplurality of prices displayed in the first and second axes.
 20. Themethod of claim 18 wherein the command relates to a particular size ofthe item at a selected price.
 21. The method of claim 18 wherein thecommand comprises an order selected from the group consisting of a bid,an ask, a buy and a sell.
 22. The method of claim 18 wherein the commandis received through an input device selected from the group consistingof a mouse, a trackball, a game controller, a touch pad and a keyboard.23. The method of claim 1 further comprising, substantially at the sametime as shifting the plurality of bid and ask prices, repositioning apointer associated with an input device on the user interface such thatthe pointer is pointing to a price previously pointed to prior to thechange in the inside market.
 24. The method of claim 23 furthercomprising ceasing to reposition the pointer when the pointer is movedaway from the price pointed to.
 25. The method of claim 1 furthercomprising displaying on the user interface a plurality of sizes along athird axis that is parallel to the first axis, wherein at least one ofthe plurality of sizes corresponds to at least one order on the item fora price displayed in a location along the first axis that is alignedwith a location of the at least one of the plurality of sizes.
 26. Themethod of claim 25 further comprising displaying on the user interface asecond plurality of sizes along a fourth axis that is parallel to thesecond axis, wherein at least one of the second plurality of sizescorresponds to at least one order on the item for a price displayed in alocation along the second axis that is aligned with a location of the atleast one of the second plurality of sizes.
 27. A method for displayingmarket information for an item, the method comprising: displaying on auser interface a plurality of bid prices along a first axis and aplurality of ask prices along a second axis; displaying on the userinterface an indication of an inside market in a first location alongthe first and second axes; when the inside market changes from a firstbid price and a first ask price to at least one of a second bid priceand a second ask price, displaying the indication of the inside marketin a second location along the first and second axes; following thedisplaying of the indication of the inside market in the secondlocation, shifting the plurality of bid prices along the first axis andthe plurality of ask prices along the second axis; and substantially atthe same time as shifting the plurality of bid and ask prices,repositioning a pointer associated with an input device on the userinterface such that the pointer is pointing to a price previouslypointed to prior to the change in the inside market.
 28. A system fordisplaying market information for an item, the system comprising aserver adapted to distribute a plurality of bid and ask pricesassociated with the item to a plurality of workstations that are coupledto the server, each of the plurality of workstations displaying a userinterface and being adapted to: display on the user interface aplurality of bid prices along a first axis and a plurality of ask pricesalong a second axis; display on the user interface an indication of theinside market in a first location along the first and second axes; whenthe inside market changes from a first bid price and a first ask priceto at least one of a second bid price and a second ask price, displaythe indication of the inside market in a second location along the firstand second axes; and shift the plurality of bid prices along the firstaxis and the plurality of ask prices along the second axis to restorethe indication of the inside market to the first location.
 29. A systemfor displaying market information for an item, the system comprising aserver adapted to distribute a plurality of bid and ask pricesassociated with the item to a plurality of workstations that are coupledto the server, each of the plurality of workstations displaying a userinterface, having an input device and being adapted to: display on theuser interface a plurality of bid prices along a first axis and aplurality of ask prices along a second axis; display on the userinterface an indication of the inside market in a first location alongthe first and second axes; when the inside market changes from a firstbid price and a first ask price to at least one of a second bid priceand a second ask price, display the indication of the inside market in asecond location along the first and second axes; following thedisplaying of the indication of the inside market in the secondlocation, shift the plurality of bid prices along the first axis and theplurality of ask prices along the second axis; and substantially at thesame time as shifting the plurality of bid and ask prices, reposition apointer associated with the input device on the user interface such thatthe pointer is pointing to a price previously pointed to prior to thechange in the inside market.